MARKET RESEARCH

Submitted by:WILSON TOM

MARKET RESEARCH

MR is the process of systematically gathering records and analyzing data and information about customers, competition and the market.

Process of collecting and analyzing information about the customers you want to reach called your target market.

MR can help you create a business plan, launch a new product or service, expand into new market, develop an advertising services, set prices and select a business location.

MR can be used to determine which portion of the population will purchase a product or service based on variables like age, gender, location and income level.

MR is the process of gaining information about your market. Preferably this is specific information about your target market and key factors that influence their buying decisions.

MR can provide critical information about the buying habits needs, preferences and opinion of current and prospective customers.

MR matters falls into 2 basic categories;PRIMARY and SECONDARYYour search might involve one or both depending on your companies need.

Primary research involves basic methods i.e, SURVEYS FOCUS GROUPS PERSONAL INTERVIEWS OBSERVATION FIELD TRIALS

The type of data you need and how much money you are willing to spend will determine which technique to choose

SURVEYSWith consized and straight forward questionnaire you can analyze a sample group and analyze a sample the more reliable your target market.

The larger the sample the more reliable your result will be.

Types of survey: Impersonal surveyTelephonic surveyMail surveyOnline survey

FOCUS GROUPSThe moderators in this group uses a resipted series of questions or topics to lead a discussion among a group of people.

These sessions take place at neutral locations usually at facilities with audio taping equipment and an observation room.

A focus group usually casts one to two hours and it takes at least 3 groups to get balanced results.

PERSONAL INTERVIEWLike focus groups, personal interviews include unstructured open ended questions. They usually last for about an hour and are typically recorded.

The results are not statistically reliable which means that they usually don’t represent a large enough segment of population

But personal interview is an excellent way to uncover issues related to new products or service development.

OBSERVATIONWhen u observe consumers in action by video taping them in stores or at work you can observe how they buy or use a product.

This gives you more accurate picture of customers usage/habits and shopping pattern

FIELD TRIALS

Placing a new product in selected stores to test customers response under real life selling conditions can help you make product modification, adjust prices or improve packaging.

Small business owners should try to establish support with local store owners and websites that can help them test their products.

SECONDARY MARKET RESEARCHThis is information others have acquired and already published which you may find relevant. Access to this secondary research data may be yours for the asking and cost you only an e-mail, letter, phone call or perhaps nominal fee for copying and postage.

Much of this information are is entirely free and much of it is available on the internet and from books or business publications.

As well as magazines and newspapers, the sources from where you can get the information include;

Trade Associations Government Information Market Research Firms General Market Profiles Specific Information

There are many websites sponsored by a variety of organizations that can provide you with the business information you will need for your business and marketing plans. This provide a good beginning.

INFORMATIONS FROM TRADE AND INDUSRY ASSOCIATION:Many industry regularly publish directories for their members and the better associations publish statistical information that track industry sales, profits, ratios, economic trends and other valuable data. One can visit their websites and see what information is available, in case of any doubt you can contact with the associations.

INFORMATIONS FROM MAGAZINES AND PUBLICATIONS:Industry specific magazines offer a wealth of information on your business. The magazines are important medium for industry specifics advertising, paging through one of these magazines or visiting a website can sometimes produce a great deal of business and market forecasting and economic information.

FINDING THE RIGHT PUBLICATIONS:If you don’t already know what magazine focus on your business area, then the best place is to start looking on the internet. It gives you a good list of magazines, journals and other publications which will be exact references you need.

GETTING THE INFORMATION:Once you have identified the right magazine contact the editorial departments using their website, fax, phone number and published contact information. Many industry specific magazines publish statistical editions and market review at regular interval.

CONCLUSION

Many companies use market research as a guide, whether you want to expand your business into a new area or introduce a new product, primary and secondary market research can provide valuable insight to help you shape your business.

Although secondary research is less expensive than primary research is less expensive than primary research it is not as accurate or as useful as specific and customized research.

In brief primary research delivers more specific results that secondary research which is an important consideration when you are launching a new product or service.